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The Central Bank of Barbados is confirming that it has begun to pay persons eligible for cash payments under the revised terms of the Government of Barbados’ debt exchange offer.

In a letter dated, November 16, 2018, the Ministry of Finance, Economic Affairs, and Investment advised that “the Government of Barbados (GoB) wishes to inform you that the terms of repayment for pensioners (defined as those aged 60 and above AND receiving a pension benefit as of 1 September 2018) have been improved.” The letter went on to say that pensioners with holdings classified under Series A would receive a cash payment of up to $20,000 immediately and a further $30,000 in March 2019.

“We have been working assiduously to make these initial payments to the accounts of persons who qualify for the revised offer, and to date we have paid more than 90 percent of the pensioners. However we have been experiencing some technical challenges, which have slowed processing time,” said Linel Franklin, Senior Operations Officer, Public Debt at the Central Bank. “Despite this, we anticipate that almost all pensioners will receive their payments by next week. The only exceptions will be persons for whom we don’t have lodgement details, or persons who were previously using their securities as collateral.” Franklin said that the Bank will soon write all persons for whom it does not have lodgement details, requesting the information.

She also revealed that while pensioners will have their money lodged to their account, they will not receive an e-statement informing them of the payment at the same time. “As a result, we are asking people who are eligible for the cash payment to check their accounts to confirm that they have been paid. If you do not receive a payment by November 29, we ask you to contact the Bank at 436-6870 or via email at debtexchange@centralbank.org.bb.”